Norges Fund investments in Sri Lanka grow 15.3-pct to US$98.3m in 2018

ECONOMYNEXT – The world’s largest sovereign wealth fund has increased its equity investments in Sri Lanka by 15.3 percent to 98.3 million US dollars in 2018, the fund management said.

The Norwegian Central Bank said it upped the Norges Fund’s investment in diversified conglomerate John Keells Holdings shares by 720.3 percent to 18.3 million US dollars in 2018, from a year earlier.

The fund favoured banks.

Investments in Commercial Bank voting and non-voting stock more than tripled to 16.7 million US dollars, while the exposure to Hatton National Bank fell 20 percent to 14.7 million US dollars.

The fund grew its investment in Sampath Bank 59.2 percent to 10.7 million US dollars.

It entered into the shareholder list of Nations Trust Bank with an investment of 1 million US dollars.

The fund fully sold its shares in Melstacorp worth 5.8 million US dollars, and Tokyo Cement worth 1.4 million US dollars in 2018.

Investments in Access Engineering fell 71.9 percent to 1.3 million US dollars.

It bought into Cargills Ceylon with an investment of 4.5 million US dollars, and the Distilleries Company with 1.3 million US dollars. (Colombo/Mar12/2019-SB)





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